The Government is considering including other benchmarks such as oil prices and commodities under draft legislation to prevent future rigging after the Libor-fixing scandal.

Launching a consultation today on possible legislation to be included in the Financial Services Bill, Financial Secretary to the Treasury, Greg Clark said: “Recent events have illustrated that Libor might not be the only benchmark subject to attempted manipulation. We are consulting on whether further benchmarks should be brought within the scope of regulation.” The new legislation would bring Libor under the scope of City regulators and make its manipulation a criminal offence.